LEXINGTON, Ky. (LEX 18) — The housing market has been in the national headlines since March when home sales data and interest rates were released.
However, Kentucky's new listings that hit the housing market in February reached an all-time high since 2020, when COVID broke. Local realtors believe the tide has officially turned in a positive direction for home buyers.
"Rates were definitely higher in December and January, and we've seen them come down since then," explains Bluegrass Home Group real estate agent Cynthia Trgo. Overall, it's going to be a really good year for real estate—probably higher than last year."
According to a yearly report from Bluegrass Realtors, the median price for a home in Kentucky is around $250,000. Numbers also show that Kentucky experienced a 5% increase in housing inventory from 2023, with an average of 48 days on the market. Single-family homes dropped 10% from 2023, with only 711 sold. Townhomes and condos saw a different reaction, with sales increasing by 30%, the third consecutive month with year-over-year gains.
"Higher-priced homes are kind of in its own little market. We have like the beginner entry homes. That's kind of in its own little market, and that market is really on fire," says Trgo.
Trgo wants homebuyers to look into hiring a lender, as they will be their greatest asset when planning a big move: "To figure out what your budget is, and always be in position to make a move if a house comes up that you love and you're able to just go in and make an offer right away."
She believes the market's ability to stabilize since last year is confidence, even though this season's delay is due to a lack of confidence in the market.
"We are not a high market, and we are not the lowest market, so we are just purely stable with where we're sitting as a state compared to other states," Trgo says Kentucky is the safest market to invest in because a national drop doesn't move the state's numbers. "I always like to see people being really smart with the math of where their loan payments are going to be and what they're getting themselves into."
